Winklevoss Brothers Trump Bitcoin Campaign Donation Returned, Here Why

Winklevoss twins who are the founders of the cryptocurrency company Gemini got their excess Bitcoin donation to Donald Trump’s presidential campaign returned because the contributions they made exceeded the maximum legal limit.

Cameron and Tyler Winklevoss each contributed $1 million in Bitcoin to the Trump campaign, a contribution that exceeded the $844,600 limit for individuals to contribute to political campaigns.

Winklevoss Brothers Trump Bitcoin Campaign Donation Returned

A campaign official, speaking anonymously, clarified that the excess amount was refunded to the Winklevoss twins, each $ 155,400. However, whether the refund was in Bitcoin or its cash equivalent remains to be determined. The Trump campaign has accepted Bitcoin donations, reflecting the former president’s embrace of the cryptocurrency community. 

The contributions are divided among Trump’s campaign, his leadership political action committee, the Republican National Committee, and 42 state GOP committees.

Such donations arrived as Trump sided with the crypto community and voiced against the democrats’ efforts to regulate the industry. The Winklevoss twins, who are also known for their Bitcoin investment, have openly supported Trump and labelled him as a “pro-Bitcoin” and “pro-crypto” candidate.

Regulatory Challenges and Industry Relations

Gemini, a crypto exchange founded by the Winklevoss twins, has also been through some regulatory challenges such as a settlement with the U. S. and New York state financial regulators and a lawsuit by the Securities and Exchange Commission (SEC).

Nevertheless, the Winklevoss brothers still stand for Trump and consider him as the protector of the crypto industry from regulatory actions. Some activities that demonstrate Trump’s crypto friendship are his meetings with Bitcoin miners in a recent round table.

Although Trump has been charged with 34 felonies and has faced numerous other legal issues, he still leads the Republican presidential race. His engagement with the crypto industry is a part of a larger effort to garner support from the business community and tech elites. This approach is different from the current administration led by the President Joe Biden as the Winklevoss twins and other enthusiasts of the cryptocurrency have alleged that the administration is against the industry by coming up with regulations.

Crypto PAC and Electoral Influence

Likewise, Stand With Crypto PAC has also turned out to be quite active in endorsing the candidates who support the cryptocurrency business.

This PAC has endorsed 18 candidates for the upcoming elections, pointing to the increasing political power of crypto voters.

The PAC stated that over 52 million people in America own digital currency, and a majority of them want a new financial system. This group is a swing vote, with several stating that they would not vote for politicians against cryptocurrencies.

Read Also: Pro-Bitcoin Donald Trump Declares Himself “Crypto President”